Leading payment platform, Live eftpos is launching Fee Free EFTPOS to its 7,000 small business customers.
The plan will see merchants, that range from retail and hospitality to healthcare services, able to automatically cover the cost of their customers’ card transactions through automated surcharging[i].
“In the past, manual surcharging may have led to excessive surcharges for customers or additional costs to the business. Fee Free EFTPOS gives merchants peace of mind their card transaction fees will be covered,” says Reuven Barukh, CEO at Live group.
Merchants will reduce monthly business expenses by automatically charging customers the correct surcharge upfront, rather than through a monthly reconciliation for the costs of accepting card payments, ensuring ‘cost of acceptance’ will always be covered when their customers pay using card.
“The COVID-19 pandemic has dramatically driven the use of card payments, and so it’s never been more crucial to offer customers the convenience of multiple payment options to maximise sales.
“However, when you never know how customers are going to pay, our Fee Free EFTPOS plan means your business can avoid the fluctuating costs of customers using different payment types, without any hassle,” Barukh added.
Cashflow confidence for businesses in uncertain times
With Fee Free EFTPOS plan, merchants can be sure business’ revenue will never be impacted by how customers decide to pay.
“Aside from the financial predictability of our Fee Free EFTPOS plan, our new portals will also make it easier to keep on top of any changes to the costs of accepting a payment by allowing merchants to manage and set the surcharge percentage.
“This helps to ensure merchants never miss out on recouping transaction fees from customers while also avoiding the risk of incurring penalties for inaccurate or excessive surcharges as set out by the ACCC,” Barukh said.
Ensuring adherence to ACCC rulings
Fee Free EFTPOS allows merchants to be more transparent with customers around surcharging. Fee Free EFTPOS ensures merchants comply with the Competition and Consumer Amendment (Payment Surcharges) Act 2016 which bans excess payment surcharges.
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